The Seychelles Revenue Commission (SRC) has today announced the introduction of the Voluntary Disclosure Programme (VDP), an initiative aimed at encouraging taxpayers to voluntarily come forward and disclose any errors or irregularities in their tax affairs to the Commission.
Taxpayers meeting all eligible criteria when disclosing their outstanding tax affairs to the SRC will benefit from:
• Waiver on penalties (excluding interest);
• The opportunity to enter into a flexible payment plan with SRC;
• No enforcement measures leading to prosecution.
Eligible disclosures that can be made under the VDP includes:
• Failure to submit any inaccurate or incomplete information relating to direct and indirect taxes to SRC (dating back 4 years from the date the Commissioner General served or is treated as having served the notice of the assessment on the taxpayer as per section 11(3) of the RAA).
• Failure to report any income and assets held abroad that is subject to tax in the Seychelles.
• Failure to register a business; including residential property subject to residential rent.
• Failure to register a business incorporated in another jurisdiction but managed and controlled in the Seychelles.
Taxpayers who are eligible to apply for the VDP must not be undergoing any audit and must not have any legal financial cases related to tax offences, fraud, or financial crime.
Entities forming part of a multinational group that completes and submits the Multinational Enterprise and Country-by-Country Reporting questionnaire by 5 June 2026, will also be eligible to apply for the VDP no later than 31 July, 2026.
Taxpayers applying for the VDP must complete the application form available on www.src.gov.sc and submit via email to vdp@src.gov.sc
Taxpayers must provide complete and comprehensive disclosure of information including the amount of undeclared income, assets or any incorrect reporting previously submitted in their tax returns, or any information omitted such as registration of businesses accompanied by relevant documents.
Upon receipt of the application, SRC will review the information disclosed and supporting documents, ensuring all criteria’s’ have been met. Where necessary, SRC may request additional information or arrange for a meeting with the taxpayer.
SRC will issue a response to the taxpayer on the status of the application within a maximum 30 working days.Once the application has been approved, based on the nature and extent of the information disclosed, the taxpayer will be advised of the new amount payable, or proposed to enter into a flexible payment plan with SRC.
The SRC is therefore requesting taxpayers who may be in default on their tax affairs to seize this opportunity and approach the Commission via the VDP e-mail address before any audit or enforcement actions are initiated, to obtain the relief being provided under the VDP.
Note, taxpayers will not be offered relief under the VDP for the same tax issue within the same applicable tax year. All disclosures made must be voluntarily and must not result into a refund claim.
Whilst VDP is open for application to any taxpayer as defined under the Revenue Administration, VDP is not applicable to taxpayers liable to duties and levies as stipulated in the Customs Management Act and Excise Tax Act.
For ongoing cases of non-adherence to the revenue laws, the SRC will continue to act within the remit of the law to address non-compliance.